BlockBeats news, on August 19, Deribit analyst Anand Raj issued a report stating that Bitcoin is still under the control of the $61,700 supply zone. This resulted in a demand zone break on the lower time frames. Additionally, bullish sentiment has not improved significantly despite the latest 13F filing showing exposure to U.S. Bitcoin spot ETFs from major asset managers. As such, Bitcoin’s price may continue to face resistance from supply zones on higher time frames, suggesting further downside is possible.

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